Orbital ATK, Inc. (NYSE: OA) has announced that the company's stockholders have overwhelmingly approved the merger agreement that provides for the proposed acquisition of Orbital ATK by Northrop Grumman Corporation (NYSE: NOC) at a special meeting of stockholders that was held on November 29, 2017.
Holders of more than 99 percent of Orbital ATK’s common stock present at the meeting or represented by proxy voted in favor of approving and adopting the merger agreement, which represented approximately 79 percent of the total number of outstanding shares of Orbital ATK’s common stock as of the October 10, 2017 record date for the special meeting.
“The acquisition of Orbital ATK by Northrop Grumman creates substantial value for our stockholders and enhances our capability to accelerate product development and technology innovation in support of our customers’ critical missions. The transaction also enables our employees to benefit from new opportunities and career paths as part of a larger and more diverse aerospace and defense company,” said David W. Thompson, Orbital ATK’s President and Chief Executive Officer.
The company expects the transaction to close in the first half of 2018, pending receipt of regulatory approvals.